Hello NM 10,
Great questions!
1.) If I were to get a part time job in addition to my full time job, what is the max number of dependents I am able to claim to maximize the amount I keep from my paycheck?
When you fill out your W4, you will want to answer each question truthfully. This will help to make sure that not too much or too little are taken out in taxes. Which will then effect if you get a refund or owe taxes at the end of the year. The maximum number of dependents you can claim is the exact amount of dependents that you have and are able to claim.
2.) If I were to get a part time as a waitress, how to do I report my cash tips without having to pay an arm and a leg in taxes?
As far as cash tips are concerned, you will need to report the exact amount of tips that you earn. Some restaurants take care of the majority of the reporting for you and then report that amount on your W2.
You should keep records of how much you earn in tips in order to accurately file a tax return. All income earned must be reported on a tax return, including cash tips that the employer does not state on your W2.
3.) If I am renting a room off a roommate, how do I report that I am paying rent even though the house is not under my name? I want to get credit for the rent I pay each month.
For Federal taxes, unfortunately, there is no credit for paying rent. There are no deductions that you can take on a Federal return for paying rent.
Some states do provide what is known as a Renter's Tax Credit. Unfortunately, there is no federal renter’s tax credit.
For more information about being eligible for a state renter's credit, feel free to review the following TurboTax website:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-tax-forms/eligible-state-renter-ta...
Thanks,
Sean
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